Apruve, a Minneapolis-based business-to-business (B2B) credit automation platform has raised $6 million in Series A funding led by Cloud Apps Capital Partners. TTV Capital and Allegis Capital also participated in this round. And Apruve helps eliminate accounts receivables from the balance sheets of B2B companies. And Apruve’s credit automation platform helps businesses effortlessly extend payment terms to customers without added back-office costs, cash flow, or financial risk.
“In today’s business market, it’s become a competitive advantage to extend terms, but it compromises a business’s capital and creates added overhead,” said Apruve CEO and founder Michael Noble in a statement. “Our goal is to help companies realize the sales advantage of giving their customers an account to purchase against without putting their own cash flow at risk.”
Some of Apruve’s customers include Texas Instruments, TruPar, Boxed, SafetyGlassesUSA, and Varaspec. These customers utilize Apruve’s extended net terms without the need for collections. And Appruve pays suppliers within 24 hours of invoicing and takes on the financial risk and collections.
By using Apruve, customers also gain a distinct competitive advantage by getting an influx of working capital from getting paid immediately, businesses are able to reinvest sales revenue into their business. And companies are able to stop worrying and investing in overhead associated with collections and focus more on product offerings and customer satisfaction.
“Apruve has single-handedly changed the course of VARASPEC and our cash flow in ways I never thought possible,” added VERASPEC principal Mike Duesing.
Apruve will be using this funding round to invest in its Minneapolis-based team to serve current customers and grow its portfolio. And the funding will also be used to support the company as it continues to drive research and development forward for its platform.
